Petersen, 31, has played in 75 games this season with nine goals and five assists. He has played in 295 career NHL games over six seasons.
"Toby Petersen's character and work ethic are the type of attributes we want in our players," Stars general manager Joe Nieuwendyk said in a release. "He is a very versatile forward that can play throughout your lineup. He is a good example of the type of professional we want."
Nieuwendyk has said this season that he wants to find his core group of players based on ability and character. The club recently re-signed Tom Wandell, another center. Winger Loui Eriksson and defenseman Stephane Robidas were also signed to extensions this season.